ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What is the difference between a CVL and an MVL in Surrey?
A Creditors Voluntary Liquidation (CVL) is used when a company is insolvent and cannot pay its debts. It is initiated by directors and involves a licensed insolvency practitioner who sells assets and distributes proceeds to creditors. A Members Voluntary Liquidation (MVL) is for solvent companies where directors can declare solvency, and it is often used to extract retained profits tax-efficiently. In Surrey, our liquidators guide you through both processes, ensuring you choose the correct route based on your financial position.
How much does a company liquidation cost in Surrey?
The cost of liquidation in Surrey varies depending on the complexity of the company, the number of assets, and the level of creditor involvement. For a straightforward CVL, fees typically range from £4,000 to £8,000 plus VAT, but this can increase if there are legal issues or complex asset sales. MVL costs are often similar but may be lower for simple cases. We provide a fixed-fee quote after an initial free consultation, so you know the exact costs upfront with no hidden surprises.
How long does the liquidation process take in Surrey?
A Creditors Voluntary Liquidation (CVL) typically takes between 6 and 12 months to complete, depending on how quickly assets can be sold and any legal challenges are resolved. A Members Voluntary Liquidation (MVL) is often faster, usually concluding within 3 to 6 months. The timeline also depends on the cooperation of creditors and the accuracy of your financial records. Our Surrey liquidators work efficiently to minimise delays and keep you informed throughout.
Can directors be held personally liable for company debts during liquidation?
In most cases, directors of a limited company are not personally liable for company debts because the company is a separate legal entity. However, personal liability can arise if you have given personal guarantees, committed fraud, or traded while insolvent (wrongful trading). Our Surrey liquidators review your conduct and advise you on any potential risks early in the process, helping you avoid personal exposure where possible.
What happens to employees when a company is liquidated in Surrey?
When a company enters liquidation, all employees are automatically made redundant. The liquidator takes over responsibility for their contracts and will terminate them. Employees may be entitled to redundancy pay, notice pay, and unpaid wages, which can be claimed from the National Insurance Fund if the company cannot pay. Our team in Surrey ensures that all employee claims are handled correctly and that staff receive the necessary information and support during this difficult time.
Can I continue to trade after my company is liquidated?
Once a company enters liquidation, it ceases to trade immediately, except for actions necessary to preserve asset value or complete contracts with the liquidator's permission. As a director, you cannot continue to trade under the same company name without court permission or following specific rules (such as using a different name and notifying creditors). However, you can start a new business, but you must avoid 'phoenix' trading restrictions. Our Surrey liquidators provide clear guidance on your post-liquidation options to ensure full compliance with insolvency law.
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